After some intriguing teasing, LG officially took the wraps off its brand new G Watch R smartwatch with a circular form factor, running Google's Android Wear.

Just a few days to go before the big IFA 2014 trade show kicks off, exciting announcements have already started to grab our attention. Samsung and LG, for instance, jumped the gun and officially unveiled their new wearables ahead of IFA 2014, introducing the new Gear S and G Watch R, respectively.

As a reminder, the two companies launched their previous smartwatches at the same time as well, introducing the Samsung Gear Live and LG G Watch as launch vehicles for the Android Wear platform at the Google I/O conference back in June.

Fast forward to present date, and LG and Samsung are ready to unleash their new wearables. While Samsung's smartwatch stands out of the crowd with its 3G connectivity, the new LG G Watch R comes as the first wearable to boast a full circle Plastic OLED (P-OLED) display.

Motorola has stirred lots of waves with its upcoming Moto 360 due to the fact that it opted for a classical form factor with a round display instead of the rectangular design most smartwatches sport. LG took note and its LG G Watch R makes use of every single bit of its 1.3-inch circular P-OLED display to deliver "stunning image clarity even under bright sunlight and superb clarity when viewed from every angle."

"What we've noticed in the year of the wearable is that this is a category that can't be compared to smartphones and tablets," Dr. Jong-seok Park, President and CEO of the LG Mobile Communications Company, touts in the press release on Thursday, Aug. 28. "Wearables are also accessories and consumers will want more than one to choose from. So we wanted to complement the modern design of the original G Watch with the classic look of the G Watch R. Customers can't go wrong with either device."

When it comes to specifications, the new LG G Watch R packs a powerful Qualcomm Snapdragon 400 processor clocked at 1.2GHz under the hood, paired with 512MB of RAM, 4GB of internal storage capacity, and a 410 mAh battery.

On the software side, the LG G Watch R runs Google's Android Wear platform, which means that it should play nice will all compatible apps gracing the Google Play Store. Moreover, the gadget is also IP67-certified for water resistance, which should be a big bonus.

LG said that its G Watch R will hit key markets in the fourth quarter of this year, but has yet to provide an exact launch date or any pricing details. This is just a sneak peek, however, as the smartwatch will star in the IFA 2014 trade show as well.